Gold Price Analysis: Horizontal line near $1,719/20 guards immediate upside

• Gold prices extend recovery gains, but stay below near-term key resistance.
• MACD teases bulls, increases the odds for $1,739 recall.
• $1,704 acts as immediate key support confluence.

Gold remains on the recovery mode from the intraday low around $1,707 to currently near $1,716 during the early Thursday. Even so, the bullion remains below a week-old horizontal resistance.

Though, likely turn-up in MACD conditions and sustained trading beyond a two-day-old rising trend line keeps the buyers hopeful.

As a result, an upside break of $1,719/20 will trigger the fresh run-up towards April 16 top surrounding $1,739.

However, the precious metal’s rise past-$1,739 will need a sustained break above $1,748 to challenge late-2012 high near $1,796.

Meanwhile, the aforementioned support line and 50% Fibonacci retracement of April 14-21 declines, close to $1,704, becomes the key for sellers as a break of which could recall the weekly low near $1,660.

Gold 30-minute chart

Trend: Bullish